2 days ago
4
"President Biden’s action today is shameful and corrupt. He gave a political payback to a union boss out of touch with his members while harming our company’s future, our workers, and our national security. He insulted Japan, a vital economic and national security ally, and put American competitiveness at risk," Burritt said in a statement.
He said his company needed a President who knows how to work hard to get the best deal for the United States.
"We needed a President who knows how to get the best deal for America and work hard to make it happen. Make no mistake: this investment is what guarantees a great future for U. S. Steel, our employees, our communities, and our country. We intend to fight President Biden’s political corruption," Burritt said.
Biden on Friday prohibited the $14.9 billion deal, citing national security concerns.
20 December 2024, 08:09 GMT
Japanese media reported on Friday that Japan's Nippon Steel Corporation (NSC) will take legal action against the US government over Biden's decision.
NSC and US Steel issued a joint statement, condemning the ban. The companies argued that no credible evidence of a national security issue had been provided and that the process was "manipulated" to promote Biden’s "political agenda."
The two companies agreed in late 2023 that NSC would acquire US Steel in an all-cash transaction at $55.00 per share. This represents an equity value of approximately $14.1 billion plus the assumption of debt, for a total enterprise value of $14.9 billion.
We deliver critical software at unparalleled value and speed to help your business thrive
English (US) ·